Market Overview - Major indices closed higher on December 5, with the Shanghai Composite Index rising by 0.7%, the Shenzhen Component Index by 1.08%, and the ChiNext Index by 1.36%[2] - Trading volume reached 1.74 trillion CNY, an increase of approximately 180 billion CNY compared to the previous trading day[1] Sector Performance - Non-bank financials, metals, machinery, and military industries showed significant gains, while the banking sector experienced a slight decline[1] - The communication computing sector surged due to strong performance from newly listed domestic chip companies, although high valuations may pose future risks[1] Capital Flow - On December 5, net inflows into the Shanghai Stock Exchange totaled 36.67 billion CNY, while the Shenzhen Stock Exchange saw net inflows of 19.48 billion CNY[3] - The top three sectors for capital inflow were general equipment, communication equipment, and industrial metals[3] Policy and Economic Measures - The National Development and Reform Commission allocated a total of 35.5 billion CNY for employment support projects, aiming to create over 1.1 million jobs for low-income individuals[4] - The focus is on promoting employment and income growth through targeted investment projects[4] Industry Insights - The second-hand car market in October saw a transaction volume of 1.76 million units, a year-on-year increase of 2.7%[8] - The cumulative transaction volume for second-hand cars from January to October reached 16.49 million units, reflecting a year-on-year growth of 3.5%[8] Technology and Market Trends - The global smart vacuum cleaner market experienced a shipment increase of 18.7% year-on-year in the first three quarters of 2025, with a total of 17.42 million units shipped[9] - The commercial aerospace sector is poised for significant growth, with a potential trillion-level market emerging due to advancements in technology and policy support[10]

21世纪经济报道特约记者 庞华玮12月6日，在南方财经论坛2025年基金业年会上，银河基金总经理史平 武发表了题为《"科技银河"深耕科技金融，赋能新质生产力崛起》的主题演讲，深入阐述公募基金在科 技金融时代的机遇与使命。 史平武指出，在全球迈入数智化跃升、人工智能驱动新一轮产业革命的背景下，公募基金行业正迎来服 务科技创新的历史性发展窗口。 史平武认为，面对技术迭代加速、定价难度提升等挑战，公募行业践行科技金融有三大着力点：构 建"有深度"的投研体系、"有远见"的产品布局，以及"有温度"的投资者陪伴。公募应畅通"科技-产业- 金融"良性循环，助力新质生产力发展，让投资者分享科技创新带来的时代红利。 科技金融的时代机遇 "这场以人工智能为核心的新一轮科技革命，正在深刻重塑全球产业格局，也成为国家竞争的战略制高 点。"史平武说。 史平武指出，对公募基金而言，这既意味着"长坡厚雪"的投资机遇，也伴随着技术迭代迅速、估值难度 大、波动性高等现实挑战。 公募发力科技金融三大着力点 面对历史性机遇，史平武结合银河基金近年来推出的"科技银河"品牌实践，提出公募基金可在投研、产 品和服务三个方面深化科技金融服务能力： 他援引 ...

Investment Rating - The industry investment rating is "Overweight" [1][23]. Core Insights - The recent draft of the "Guidelines for Performance Evaluation Management of Fund Management Companies" marks a significant milestone in the reform of public funds, aiming to strengthen long-term performance orientation and align the interests of fund companies with those of investors [3][7]. - The reform emphasizes a long-term assessment mechanism, requiring that the weight of long-term performance indicators (over three years) in fund investment returns must not be less than 80% [4][10]. - The new compensation structure includes basic salary, performance salary, benefits, and long-term incentives, with a focus on aligning incentives with long-term investor interests [5][10]. - The reform aims to guide the industry back to its core asset management principles, focusing on long-term investment performance and investor returns, with a notable trend towards concentration in leading firms [7]. Summary by Sections Performance Evaluation Reform - The draft guidelines enhance the evaluation of fund management companies by introducing stricter quantitative indicators and mandatory measures to bind the interests of fund managers with those of investors [3][4]. - The assessment system covers the entire investment chain, ensuring that management aligns with sustainable long-term development [4][10]. Compensation Mechanism - The new compensation structure mandates that performance salaries must reflect long-term performance, with significant penalties for underperformance [5][10]. - A deferred payment mechanism is established, requiring key personnel to invest a portion of their performance salary in the funds they manage, with a holding period of at least one year [6][10]. Industry Trends - The reforms, along with fee structure changes and performance benchmarks, are expected to enhance the quality of the industry, with a clear trend towards the consolidation of leading firms [7].

Group 1: Deposit Rate Adjustments - Some banks, including Hangzhou Bank, have raised deposit rates despite major state-owned banks lowering rates and withdrawing certain large-denomination time deposits [1] - Hangzhou Bank's new 3-year fixed deposit rate for new funds starting from 200,000 yuan is 1.9%, while for non-new funds it is 1.8% [1] - Other banks like Ningbo Bank and Shengjing Bank have also increased rates on certain deposit products, indicating a trend to attract deposits [1] Group 2: Insurance Fund Risk Factor Adjustment - The regulatory body has lowered risk factors for insurance companies, particularly for investments in the CSI 300 index and other specified stocks, which is expected to bring in significant incremental funds [4] - The adjustment is seen as beneficial for the A-share market, potentially supporting a long-term bullish trend [4] Group 3: Central Bank Gold Reserves - The central bank has increased its gold reserves for the 13th consecutive month, with November reserves reported at 7.412 million ounces, an increase of 30,000 ounces [5] Group 4: Public Fund Growth - The total net asset value of public funds in China reached a record high of 36.96 trillion yuan by the end of October, marking an increase of over 200 billion yuan from the end of September [6] - The popularity of equity funds has surged, with several funds exceeding 3 billion yuan in issuance since November [7] Group 5: Bond Fund Redemption Trends - A significant number of bond funds have faced large redemptions, with over 60 funds announcing redemptions since the fourth quarter began [8] Group 6: Consumer Fund Performance - Consumer-themed funds have seen declines, with some funds dropping over 10% this year, particularly in sectors like liquor and home appliances [9] Group 7: Public Fund Participation in Private Placements - Public funds have participated in private placements with a total allocation of 17.3 billion yuan in 2025, a 140% increase compared to the previous year [10] - The focus of these investments has been on sectors such as semiconductors, artificial intelligence, and innovative pharmaceuticals [11]

Group 1: Infrastructure and Investment - Major projects in various regions are progressing, which is crucial for expanding effective investment and supporting infrastructure investment growth [1] - Experts anticipate continued policy support for "two heavy" projects, which will further bolster economic stability [1] Group 2: Automotive Industry - The automotive market is experiencing a "promotion frenzy" with nearly 20 car manufacturers offering purchase tax subsidies to consumers who lock in orders by the end of 2025 [2] - This initiative is a response to upcoming adjustments in purchase tax and marks the beginning of year-end sales efforts by car companies [2] Group 3: Fund Management and Market Trends - In the fourth quarter, mutual funds are implementing purchase limits to manage large inflows and ensure stable operations [3] - New funds are also controlling their fundraising scales amid increasing uncertainties in the market [3] - The launch of "China's first domestic GPU" by Moore Threads on the STAR Market is seen as a significant step for both the company and the domestic computing power industry [3] Group 4: Commercial Aerospace - The domestic commercial aerospace sector is witnessing a dual breakthrough in technology and scale, with significant developments showcased at the 2025 Commercial Aerospace Forum [4] - The opening of major space projects to commercial entities is creating unprecedented opportunities in the industry [4] Group 5: Capital Market Support - Local governments are increasingly implementing measures to support capital market development, focusing on nurturing listed companies and facilitating financing for tech firms [5] - Policies from provinces like Shaanxi, Guangdong, and Zhejiang aim to guide capital towards innovation and emerging industries [5] Group 6: Phosphate Industry - Phosphate rock prices remain high due to a sustained price increase in chemical products, with market prices reported at 1016 CNY/ton for 30% grade [6] - Companies like Batian and Xingfa are actively acquiring phosphate resources, indicating an expansion in production capacity [6] Group 7: AI Glasses Market - The smart glasses market is experiencing a surge with new product launches from companies like Li Auto and Alibaba, indicating a growing interest in AI-integrated eyewear [7] - This trend is expected to have a profound impact on the AI glasses supply chain from both supply and demand perspectives [7] Group 8: Private Equity and Market Research - Private equity firms are actively conducting research to identify new investment opportunities, with a total of 1.3 million research sessions reported in the fourth quarter [8] - The electronics, healthcare, and integrated circuit sectors are among the most researched areas by private equity firms [8] Group 9: Lithium Iron Phosphate Industry - The lithium iron phosphate industry is seeing price increases as leading companies plan to raise processing fees by 3000 CNY/ton starting in 2026 [9] - The industry is expected to transition to a new phase focused on technology and value, moving away from intense competition [9] Group 10: Photovoltaic Industry - The photovoltaic supply chain is experiencing a decline in production across multiple segments, attributed to insufficient end-user demand [9] - Production reductions include a 0.96% decrease in polysilicon and a 15.95% decrease in silicon wafers for December [9]

Core Viewpoint - The A-share market is experiencing a stable increase in new investor accounts, reflecting confidence in China's economic fundamentals and capital market reforms [1] Group 1: Policy Stability - Clear and consistent policy expectations are providing long-term certainty to the market, with the goal of building a financial powerhouse as a national strategy [2] - The gradual implementation of various policies is expected to release dividends across multiple levels, creating growth opportunities for industries and listed companies [2] - The long-term commitment conveyed by policy stability is essential for nurturing market confidence [2] Group 2: Optimized Capital Ecosystem - The capital structure of the A-share market is undergoing significant positive changes, with both domestic and foreign investments improving [3][4] - Foreign capital inflow into the Chinese stock market reached $50.6 billion in the first ten months of the year, significantly surpassing the previous year's total [4] - The increase in institutional investors, with a 35% year-on-year rise in new accounts, is enhancing market stability and rational investment behavior [4] Group 3: Profit-Driven Growth - The core logic driving the A-share market is shifting from liquidity and valuation recovery to expectations of substantial improvements in corporate profitability [5] - The macroeconomic recovery supports revenue growth and profit margin improvements for companies [5] - Emerging industries such as AI, semiconductors, and renewable energy are producing competitive Chinese companies, translating technological innovation into growth momentum [5]

证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 05 日 浙商早知道 2025 年 12 月 05 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 重要推荐 ❑ 【浙商汽车 刘巍/白浪】超捷股份（301005）公司深度：车用紧固件隐形冠军，商业航天打开成长空间—— 20251204 重要观点 重要点评 ❑ 【浙商大制造中观策略 邱世梁/陈红】汽车零部件 行业深度： 具身智能与新能源车：此时此刻恰如彼时彼刻— —20251204 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：周四上证指数下跌 0.1%，沪深 300 上涨 0.3%，科创 50 上涨 1.4%，中证 1000 指数收盘与周三持平，创业 板指上涨 1.0%，恒生指数上涨 0.7%。 ❑ 行业：周四表现最好的行业分别是机械设备（+0.9%)、电子（+0.8%)、国防军工（+0.6%)、通信（+0.5%)、有色 金属（+0.3%)，表现最差的行业分别是综合（-2.1%)、美 ...

Core Viewpoint - The article discusses how AI empowerment in public quantitative funds can effectively navigate market cycles to achieve excess returns [2] Group 1: AI Empowerment in Quantitative Funds - AI technology is increasingly being integrated into public quantitative funds, enhancing their ability to analyze data and make investment decisions [2] - The article emphasizes the importance of adapting AI strategies to different market conditions to maintain performance [2] - Historical data shows that funds utilizing AI have outperformed traditional investment strategies during volatile periods [2] Group 2: Market Trends and Performance - Recent trends indicate a growing interest in AI-driven investment solutions, with significant capital inflows into these funds [2] - The performance metrics of AI-enabled funds demonstrate a consistent increase in returns, with some funds reporting up to a 20% higher return compared to their non-AI counterparts [2] - The article highlights the necessity for continuous innovation in AI algorithms to keep pace with changing market dynamics [2]

Group 1 - CICC, Dongxing Securities, and Xinda Securities will continue to suspend trading of their A-shares due to significant uncertainties related to major asset restructuring, highlighting the regulatory caution towards consolidation in the financial sector [1] - The restructuring expectations of these three brokerages may trigger a reassessment of asset values in the financial sector, particularly among leading brokerages, potentially accelerating industry differentiation [1] - The outcome of the restructuring will directly impact company valuations and the competitive landscape within the industry, necessitating close monitoring of subsequent developments [1] Group 2 - Over 60 new public fund products are scheduled for issuance in December, with 28 funds launched on December 1 alone, indicating a robust demand for equity asset allocation [2] - The total number of new funds issued this year has surpassed 1,400, exceeding last year's total of 1,143 and marking a three-year high, reflecting strong market confidence [2] - The surge in fund issuance is expected to benefit fund companies, particularly leading firms, and may enhance market sentiment, especially in popular sectors like technology and consumer goods [2] Group 3 - Huatai Securities plans to implement a mid-term dividend distribution, with a total cash dividend of 1.354 billion yuan, demonstrating the company's strong profitability and commitment to shareholder returns [3] - The dividend distribution is likely to support Huatai's stock price and may prompt other brokerages to reassess their dividend policies, potentially boosting investor confidence in the sector [3] Group 4 - More than 130 fund manager changes have occurred since November, significantly exceeding the same period last year, indicating a peak in personnel adjustments within the public fund industry [4] - This trend reflects year-end performance evaluations and strategic adjustments by fund companies to seize market opportunities and align with public fund reforms [4] - The frequent changes in fund managers may lead to shifts in fund holdings, impacting liquidity of heavily held stocks, and highlighting a renewed focus on investment opportunities for 2025 [4]

Group 1 - The core viewpoint of the article emphasizes the orderly promotion of mergers and acquisitions among small financial institutions, indicating a trend towards consolidation in the financial sector, with 2025 potentially marking the beginning of a significant clearing of financial institutions [1][2][7]. - The article highlights various recent cases of consolidation across different financial sectors, including the merger of CICC with Dongxing and Xinda in the securities industry, and the acquisition of Jun Kang Life by Fuze Life initiated by Shandong state-owned assets [5][6]. - It notes that the clearing of small financial institutions is fundamentally due to an oversupply of financial resources, driven by the need to manage risks, leading to a trend where stronger institutions will dominate [7][8]. Group 2 - The article discusses the current state of the private equity industry, noting a lack of new standout private equity firms emerging, as many have faced challenges in maintaining their platforms and sales channels [6]. - It suggests that the long-term outcome of clearing excess homogeneous supply will optimize resource allocation across society, which is beneficial in the mid to long term [8]. - The article advises investors to be cautious about the risks associated with smaller institutions and to seek those with differentiated advantages for sustainable growth [9].