Group 1 - Global asset management firms are optimistic about the performance of risk assets in 2026, supported by a loose monetary environment and ongoing technological innovation, with a focus on stocks, particularly in the AI sector [1][2] - Fidelity International's Matthew Quigley indicates a positive macro environment for 2026, with resilient economic growth and easing factors that troubled the market in the past year [1] - Schroders' 2026 market outlook predicts strong performance for U.S. stocks, especially the S&P 500, and highlights opportunities in Asian tech, European banks, and industrial stocks [1] Group 2 - Wellington Management maintains an overweight stance on global equities, citing robust earnings fundamentals and a favorable policy environment, with a continued focus on AI investment opportunities [2] - Fidelity International expects the AI investment boom to dominate the market in 2026, emphasizing the need for investors to identify companies that can convert technological advantages into sustainable profits [2] - Haitong International's investment director notes that the Chinese economy is likely to continue its positive trajectory, with Hong Kong stocks expected to attract more global capital as external conditions stabilize [2] Group 3 - Fidelity Fund's manager highlights four main investment themes for the A-share market: AI, commercial aerospace, low-altitude economy, and innovative consumption, each presenting significant opportunities [3] - The AI industry value chain offers rich opportunities across various segments, from upstream chips to downstream applications [3] - The commercial aerospace sector represents a combination of technological advancement and market potential, particularly in satellite internet [3]

最近美国那边发生了一件挺有意思的事。感恩节刚过，按理说大家应该还沉浸在假期的氛围里，但华尔街的那些精英们却忙得不可开交。他们现在不太相信 政府发布的经济数据了，反而愿意花大价钱去买一些民间机构整理的报告。这种情况在过去是很难想象的。 事情的起因要追溯到今年八月。当时政府发布了一份就业报告，显示制造业的工作岗位连续三个月在减少，服务业也没什么起色。这份不太好看的数据公布 后， Labor统计局的一位负责人就被解职了。官方给出的理由是说他的工作"没能准确反映经济复苏的实际情况"，但明眼人都看得出来，这很可能是因为数 据不符合某些人想讲述的"经济成功故事"。 民间机构也在行动。有研究机构通过追踪数百万种商品的价格，计算出通货膨胀率可能在4.2%左右，而官方公布的数字是2.5%。还有私营公司开始通过卫 星收集气候数据，这些信息在过去通常是由政府部门提供的。 为什么会出现这种情况呢？可能有几个原因。首先，当政策效果不太理想时，修改数据比调整政策要容易得多。其次，删除一些不太好看的数据，可以在纸 面上"解决"社会问题，为其他政策铺路。再者，当官方数据不可靠时，那些能获取真实信息的机构和个人就能在市场上获得巨大优势。 这种 ...

专题：2025分析师大会：资本市场"奥斯卡"启幕 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！ 11月28日，2025分析师大会举行，专家学者、券商基金私募掌舵人、首席分析师等齐聚一堂，共寻穿越周期的投资真谛。 东方港湾创始人兼董事长但斌出席并发表主旨演讲。现场，但斌展示了多家华尔街金融机构的持仓PPT，并表示"它就是一幅画卷，是对这个世界的描绘"。 但斌表示，这是上个季度持仓（现场PPT），我们看到了巴菲特、看到了段永平、看到了高瓴、看到了景林、东方港湾和高毅，大家可以从我们的持仓当中 （有一个感受），它就是一幅画卷，我们基金经理的持仓本身就是对这个世界的描绘，看你怎样去看待这个世界，就怎么去下注。 责任编辑：张恒星 ...

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！ 11月28日，2025分析师大会举行。半夏投资创始人李蓓出席本次大会并发表主题演讲。李蓓表示，当下 的富人正身处一个特殊的时期，核心痛点可概括为八个字——财富无处安放，安全难有保障。 李蓓的论述直击高净值人群的资产配置焦虑。她进一步拆解道，从国内市场来看，曾经作为富人资产配 置"压舱石"的固定收益类资产，尤其是非标资产，正面临双重冲击：一方面利率持续下行再下台阶，收 益空间不断被压缩；另一方面非标资产供给逐渐断供，传统配置渠道持续收窄。 专题：2025分析师大会：资本市场"奥斯卡"启幕 对于备受关注的房地产市场，李蓓给出了辩证判断："若将房地产视为纯粹的消费品，其居住属性已开 始体现相应价值；但如果仍作为投资品来看，当前的租金回报水平依然缺乏足够吸引力，难以成为高净 值人群资产配置的优质选择。" 责任编辑：常福强 ...

Core Insights - The Chinese ETF market has rapidly surpassed 5 trillion yuan, indicating significant growth potential compared to overseas markets [1][2] - The long-term outlook for the Chinese stock market is optimistic, with a recommendation for a "core-satellite" asset allocation strategy to manage market volatility and achieve wealth growth [1][3] ETF Market Potential - ETFs have become a crucial tool for asset allocation, covering a wide range of indices including A-shares, semiconductor sectors, and international markets like Nasdaq and S&P 500 [2] - The company focuses on two main ETF strategies: global macro quantitative ETF rotation and ETF arbitrage, aiming to provide stable returns while managing risks [2] - The investment philosophy emphasizes proactive strategy design, incorporating risk management mechanisms from the outset to enhance adaptability during market fluctuations [2] Outlook on the Chinese Stock Market - The Chinese stock market is seen as increasingly important for wealth accumulation, especially as the real estate market stabilizes [3] - The ongoing registration system reform and rising institutional investor participation are leading to a profound revaluation of market assets, favoring those with core competitiveness [3] - A layered allocation strategy is recommended, combining low-volatility ETF arbitrage for liquidity with long-term investments in growth-oriented strategies [3]

Core Points - Yongtai Energy and Hailun Zhe both announced that their actual controller Wang Guangxi received a notice of investigation from the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure [1][3] - The companies emphasized that the investigation pertains to Haide Co. and Wang Guangxi, and it will not affect their daily operations or business activities [5] Company Announcements - Yongtai Energy stated that its production and operations are currently stable and that it has a positive development outlook [5] - Hailun Zhe also confirmed that its operations are normal and orderly, and it will cooperate with the CSRC's investigation while adhering to relevant laws and regulations for timely information disclosure [5] Background Information - Wang Guangxi, a graduate of Zhongnan University of Economics and Law, has a long history in the financial industry [7] - Haide Co., under Wang Guangxi, has a total market value of 15 billion yuan and positions itself as a technology-driven asset management company focusing on "big data + AI technology" [7] - The company has been involved in managing distressed assets and has faced previous regulatory scrutiny, including a warning from the Hainan Securities Regulatory Bureau for failing to disclose related party fund occupations [7]

谈及国内权益市场，袁宇认为，自去年9月以来，A股市场走出了一波强势复苏行情，充分展现了中国 作为全球第二大经济体的股市运行独立性与韧性。他分析称，这种独立性为国际投资者提供了宝贵的多 元化配置选择，也为各类投资者带来丰富的收益机会。对于明年的中国权益市场，他表示，当前中国经 济基础稳固，各类投资者对于股票市场的参与热情较高。量化投资机构在交投相对活跃的市场环境中， 更有机会发挥专业优势，为投资者创造持续稳定的收益。 展望行业未来，袁宇强调，量化机构必须坚守"极致创新和竞争"的行业基因。在AI技术快速迭代的今 天，公司将在因子开发、风险控制、交易执行等每一个细分领域做到精准提升和专业深化，通过持续不 断的技术迭代与应用创新，在富有挑战性的资管行业中保持有效运作与领先地位。 中证报中证网讯(记者王辉)11月28日，由中国证券报主办，华鑫证券、西岸集团联合承办，深圳数据经 济研究院提供独家学术支持的2025量化行业高质量发展大会暨金融科技.量化机构金牛奖颁奖典礼在上 海徐汇西岸举行。在本次大会上，知名量化私募鸣石基金创始人、总经理袁宇在接受中国证券报记者专 访时表示，人工智能(AI)技术正以前所未有的深度和广度，驱 ...

Core Insights - The Chicago Mercantile Exchange (CME) experienced a technical failure that impacted trading, potentially leading to the first monthly decline in the S&P 500 index since April [1] - The technical issue affected multiple markets, including crude oil and U.S. Treasury futures, and has lasted longer than a similar incident in 2019 [1] - Despite the trading disruptions, individual stocks like Alphabet Inc. and Amazon showed resilience, with Alphabet's stock rising over 1% [1] Market Impact - The S&P 500 index futures were relatively flat before the technical failure occurred [1] - Market participants are expected to pause trading due to risk considerations until the issue is resolved, as they may face losses otherwise [1] - The onset of the Black Friday shopping season may influence stock performance, with some traders looking to exploit potential price discrepancies [1]

他指出，优秀团队需兼顾战略与执行：战略上明确发展方向，战术上制定落地抓手，同时以高执行力保 障落实，严守合规底线并持续总结提升。为实现目标，华安资管重构全流程体系，从标的选择、资产配 置到风险管控、考核机制均做优化。以固收+产品为例，通过配置可转债与定增资产平衡弹性与安全 性，契合绝对收益定位。其产品运作更借鉴工业良率管控逻辑，搭建标准化体系并细分全流程观测，精 准把控业绩下限。 谈及管理机制，陈飞宇强调，作为省属金融国企，华安资管秉持"稳中求进"文化，在增长与稳健间找平 衡，不追求短期激进收益，为团队预留回撤管控空间，以长期收益积累客户口碑。 每日经济新闻 每经记者：曾子建 每经编辑：彭水萍 11月28日，在《每日经济新闻》主办的"2025资本市场高质量发展论坛"上，华安资管总经理陈飞宇在交 流中分享了对团队建设、业务发展及企业文化的核心观点，为资管机构高质量发展提供思路。 ...

Group 1: Wealth Management Companies - The top-performing wealth management companies based on average returns over the past three years are Hangyin Wealth Management, Nanyin Wealth Management, and Suyin Wealth Management, ranking first, second, and third respectively [2][5] - Hangyin Wealth Management excels in RMB pure fixed-income and "fixed income plus" products, while its mixed and equity products perform poorly [2] - Nanyin Wealth Management's strong performance is attributed to its RMB "fixed income plus" products, with average returns ranking high in 2024 and 2022 [2] Group 2: Public Funds - The leading public fund companies based on performance are E Fund, Southern Fund, and Tianhong Fund, with E Fund achieving the highest scores [8][15] - Guohai Franklin Fund ranks first in terms of pure bond fund performance, with high average Sharpe ratios and decent returns from active equity products [8] - Funds with lower performance include Fuanda Fund, Great Wall Fund, and Tongtai Fund [9] Group 3: Securities and Asset Management Companies - The highest-rated securities and asset management companies for 2024 are Zhongyou Securities, Century Securities, and First Entrepreneur Securities, with Zhongyou Securities achieving a score of 87.66 [19] - Zhongyou Securities' strong performance is driven by its collective wealth management products, which have shown high average returns [19] - Companies with lower performance include Guorong Securities, Huachuang Securities, and Jianghai Securities [18] Group 4: Trust Companies - The top three trust companies based on comprehensive performance are Huarun Trust, Foreign Trade Trust, and CITIC Trust, with Huarun Trust leading in net profit [22][24] - Huarun Trust's net profit for 2024 is 1,033.16 billion, making it the only trust company to exceed 1 trillion [22] - The overall competitive position of leading trust companies remains strong, with Huarun Trust scoring 97.55 in product competitiveness [26]