黄燕铭是一位拥有31年证券研究从业经验的行业老兵，以亲身经历串联行业变迁，深刻剖析新时代分析 师的使命转型，提出券商研究需向"智库研究+证券研究+财富研究"三位一体的综合性研究体系升级， 引发全行业深度共鸣。 "31年前我入职申银万国证券研究所时，KPI简单直接——每月在三大报发表3篇文章就算完成任务。"黄 燕铭以一段生动的行业记忆开篇，对比当下分析师的考核体系："如今大家的KPI变成了新财富、金麒 麟等各类评奖排名、派点成绩、路演数量、报告产出量，31年间的变化堪称天翻地覆。" 他进一步梳理分析师行业的功能演进："传统认知中，分析师的核心价值是解决信息不对称、降低市场 信息成本、提高市场有效性。但随着互联网、财经媒体及自媒体的蓬勃发展，资本市场信息透明度大幅 提升，信息不对称程度显著下降，分析师再难单纯依靠信息差创造价值，核心任务已转变为揭示企业价 值、提高市场运行效率。" 黄燕铭强调，新时代赋予分析师更宏大的使命："除了挖掘企业价值，更要立足国家战略，落实中央金 融工作会议精神与'国九条'部署，助力'五大金融'建设，推动经济高质量发展，实现国家、公司、个人 三方利益的最大化。" 专题：2025分析师大会： ...

（原标题：长江证券：构建和谐劳动新生态，共绘高质量发展蓝图） 来源：长江证券股份有限公司 加强对员工的人文关怀，营造和谐工作氛围。公司不断优化福利体系、促进员工职业成长，在法定五险 一金基础之上提供多样化的补充福利，如补充医疗保险、企业年金、定期健康检查、节日礼金及补贴 等；公司通过优化员工商业保险和健康体检方案，推动员工福利由"综合型"向"体验型"升级，深入识别 员工需求，探索利用弹性福利满足员工差异化诉求，进一步提升员工的工作获得感。每年中秋佳节，公 司组织"婵娟行动"，开展驻外员工家属走访慰问，让长期坚守岗位、远离家乡的员工切实感受到公司的 关怀。公司持续优化年度"争先创优"工作机制，在荣誉体系中落实金融"五篇大文章"战略导向，并 将"合规、诚信、专业、稳健"要求贯穿评优全过程，使各项评选标准充分体现合规能力、诚信品质、专 业水平和稳健意识，促进员工增强责任感、认同感和归属感，爱岗敬业、遵规守纪、诚实守信。 聚焦组织人才发展，构建人才核心竞争力和可持续发展。公司立足于组织人才发展战略，通过系统规划 与稳步推进，强化人才队伍建设，保障组织长期可持续发展。我们深刻认识到，人才是推动企业创新、 提升市场竞争力 ...

新华财经北京12月1日电（刘润榕）人民银行1日开展1076亿元7天逆回购操作，操作利率为1.40%，与 此前持平；鉴于当日有3387亿元逆回购到期，公开市场实现净回笼2311亿元。 展望年内资金面，方正固收指出，12月资金面整体宽松无忧，政府债供给压力回落，建议提前布局短端 资产。历史上12月资金中枢多上行，但今年财政前置明显，政府债剩余额度仅116亿元，净融资量不超 3000亿元，较去年压力大减；存单到期量3.7万亿元但银行发行意愿强，预计发行量超3万亿元；当前超 储率1.5%、银行净融出余额维持在3.5万亿元附近，叠加信贷需求弱，预计12月资金面无忧。 财通证券分析称，12月财政支出增加而政府债发行减少对资金表现偏支持，但银行负债端扰动因素颇 多。展望12月，11月末最后一个交易日DR001向下突破7天OMO-9BP，可能对下阶段的货币政策基调有 一定指向意义，结合季节性规律和近期央行态度，12月DR001运行区间可能下移，如果再乐观看待，年 底降准、年初降息的可能性并不低。 天风证券表示，结合历史经验，12月资金面波动主要来自跨年扰动，其余时间段资金利率基本围绕月度 中枢窄幅波动。今年下半年以来，资金面 ...

新华财经北京12月1日电（王柘）上周（2025年11月24日至11月28日）央行公开市场开展逾1.5万亿元逆 回购操作并加量续做MLF，维持月末资金面整体均衡。权益市场震荡反弹，周中在基金费率新规、赎 回压力和个别房企债券事件冲击下，债市期现货全面走弱，周五又快速企稳，波动较前期明显放大。10 年期国债活跃券收益率上涨1.65BP至1.83%，周内高点逼近1.85%。 进入12月，债市扰动因素增多，预计资金面仍偏友好，需重点关注重要会议政策部署，以及机构行为对 市场的影响。 行情回顾 2025年11月28日，中债国债到期收益率1年期、2年期、3年期、5年期、7年期、10年期、30年期、50年 期较2025年11月21日分别变动0.09BP、-1.2BP、0.03BP、2.76BP、3.79BP、2.46BP、2.75BP、4.8BP。 | | | 中德国债收益率曲线(到期)$ | | | --- | --- | --- | --- | | 标准期限(年) | 11月21日 | 11月28日 | 变动BP | | 0 | 1.1563 | 1. 1613 | 0.5 | | 0.08 | 1. 2863 | 1 ...

Core Viewpoint - The article emphasizes the importance of enhancing financial services to support the real economy, aligning with national strategic goals, and fostering a harmonious labor relationship to ensure sustainable development in the securities industry [2]. Group 1: Human Resource Management - The company adheres to labor laws and continuously improves its human resource management system, ensuring that key processes such as recruitment, labor relations, performance evaluation, and compensation are well-regulated [3]. - The effective implementation of these systems not only enhances management efficiency but also safeguards employee rights, contributing to the company's stable growth [3]. Group 2: Employee Welfare and Work Environment - The company enhances employee welfare by providing diverse benefits beyond the statutory requirements, such as supplementary medical insurance and holiday bonuses, aiming to upgrade employee welfare from "comprehensive" to "experiential" [4]. - Initiatives like the "Changyuan Action" during the Mid-Autumn Festival demonstrate the company's commitment to employee care, especially for those away from home [4]. Group 3: Talent Development - The company focuses on talent development as a core competitive advantage, implementing strategies to attract, cultivate, and retain high-quality talent through optimized structures and an open, innovative culture [6]. - A dual-directional interaction mechanism is established to facilitate internal and external talent exchanges, enhancing employee capabilities and broadening their perspectives [6]. Group 4: Labor Relations Stability - The company prioritizes the establishment of harmonious labor relations, which are crucial for stimulating employee motivation and creativity, thereby reducing instability and fostering innovation [7]. - By creating a transparent system and clear development paths, the company aims to ensure that employees feel valued and engaged, contributing to a cycle of growth that benefits both the organization and society [7].

Core Viewpoint - The company emphasizes the importance of financial culture in enhancing core competitiveness and achieving high-quality development, focusing on integrity, service to the real economy, and compliance with regulations [1][2][5] Financial Culture Construction - Integrity is highlighted as the foundation of the financial industry, with the company integrating integrity requirements into governance and business processes through a three-pronged system of institutional constraints, technical monitoring, and personnel education [2][3] - The company has established strict management measures, including the implementation of the "Integrity Management Measures" and "Reputation Risk Management Measures," embedding integrity into core management systems [2][3] - The company has completed nearly 90 billion yuan in equity and debt financing by October 2025, with significant contributions to technology innovation and rural revitalization projects [3] Risk Management - The company has developed a comprehensive risk management system, incorporating risk awareness into its operations and enhancing efficiency through technology, including AI applications for risk assessment [4][5] - A revised "Comprehensive Risk Management Measures" was published in 2025, detailing responsibilities and performance evaluation standards for risk management [4][5] Compliance Management - Compliance is deemed essential for financial institutions, with the company focusing on optimizing systems and building a professional compliance team, achieving a significant number of experienced compliance personnel by November 2025 [5][6] Innovation and Development - The company adopts a "guarding innovation" approach, ensuring that innovations align with actual needs and regulatory requirements, as demonstrated by the successful IPO of Zhejiang Jinhua New Materials [7] - A strict pre-approval mechanism for new products and services is in place to mitigate risks associated with innovation, ensuring that all new initiatives undergo thorough risk assessments and compliance checks [7]

Market Overview - Asia-Pacific markets opened December mostly in the red, influenced by fresh manufacturing data from China and rising expectations of a U.S. Federal Reserve rate cut this month [1] - Traders are pricing in an 87.4% chance of a quarter-point rate cut for the upcoming Fed meeting on December 10 [1] China Manufacturing Data - China's factory activity unexpectedly contracted in November, as indicated by a private survey, reflecting soft domestic demand [2] - The RatingDog China General Manufacturing PMI dropped to 49.9 in November, missing analysts' expectations of 50.5, indicating contraction [3] - Official data showed China's factory activity improved slightly to 49.2 in November, marking the eighth consecutive month of contraction [3] Hong Kong Market Reaction - Hong Kong-listed firms with exposure to digital assets saw significant declines after the People's Bank of China warned of illegal activities related to digital currencies [4] - Stocks of Yunfeng Financial and Bright Smart Securities & Commodities Group tumbled more than 7%, while Guotai Junan fell as much as 3% [4] Japan and South Korea Market Performance - Japan's Nikkei 225 index fell 1.3%, with notable declines in companies such as Fujikura (down 8.11%) and Sumitomo Pharma (down 5.82%) [5] - South Korea's Kospi index decreased by 0.66%, while the small-cap Kosdaq advanced by 1.29% [5] - Australia's ASX/S&P 200 declined by 0.23% [5]

瘦身版适合苹果X等全面屏 六出飞花入户时，坐看青竹变琼枝。 光大研究财经月历，一览重点经济数据发布时间表。两款 尺寸手机屏保，全球财经大事尽在掌握。 丰满版适合多数非全面屏 N F TV 2 3 4 5 6 美国11月 十三 十七 十四 十五 美国11月 中国11月 制造业PMI 非农就业/失业率 外汇储备 12 13 14 9 甘四 甘五 二十 中国11月 中国11月 = 1 进出口 M2 /社融 议息会议 美国11月CPI 20 21 16 18 19 甘九 中国11月 工业/投资/社消 甘七 三十 冬月 冬至 美国11月 零售 23 24 25 26 28 初六 中国11月 CPI 初四 初五 初七 初九 中国 11 = 工业企业利润 29 30 初十 + 中国12月 官方制造业PMI ...

积极布局"固收+"及权益类产品 自去年"9·24"行情以来，权益与固收市场经历较大波动，券商资管纷纷调整产品策略以应对市场变化。 王钟称，公司坚持事前布局而非临时性调整，三年前便在固收打底的基础上，积极布局"固收+"及权益类产品，成功把握住了去年"9·24"行情的发展机遇。2025年以 来，面对固收市场的不利环境与权益市场的持续行情，公司进一步加大多资产、全天候策略布局，在固收+产品中融入股票挂钩期权、黄金挂钩、商品挂钩及波动 率策略等，丰富投资范围，形成与公募的差异化竞争优势。同时积极向客户宣导均衡配置理念，摆脱对固收的过度依赖，实现单一产品内部及客户持仓的多元平 衡。 唐吟波表示，华源证券自2023年被武汉国资收购后重新布局资管业务，全程伴随本轮市场调整与变化。公司坚定守住固收产品线基本盘，同时提前布局含权类产 品，于今年5月起发行权益FOF及纯权益产品，今年下半年已推出多只权益类产品，取得良好市场反响与客户认可。含权方向是中小券商资管后发赶超、打造特色 的重要机遇，未来将持续深耕这一领域。 在低利率环境持续、市场波动加剧的背景下，券商资管如何调整产品布局、优化投研体系、深耕"固收+"业务并展望未来市场走 ...

Core Insights - The forum held in Huizhou focused on the financial reform and development during the "14th Five-Year Plan" period, emphasizing the importance of talent cultivation in the financial sector [5]. Group 1: Event Overview - The Huizhou Financial Executive Forum (2025) took place at Huizhou University, gathering over 20 executives from the financial sector to discuss the future of financial reform and development in China [1]. - The event featured a report on the operation of the Huizhou Financial Education Demonstration Base and a lecture on macroeconomic outlook and asset allocation analysis for 2026 [3]. Group 2: Educational Collaboration - Huizhou University has established a comprehensive cooperation model with local financial institutions, including monthly lectures by bank executives and various educational initiatives [3]. - The Huizhou Securities and Futures Industry Association has been actively collaborating with the university to enhance the integration of industry and academia, focusing on cultivating high-quality financial talent [5].