（原标题：第五届21世纪金牌分析师评选即将启幕，共赴一场价值发现盛宴） 行业分析师奖项涵盖33个子行业，每个行业将评选出3-5名最佳分析师，从传统的银行、非银、地产建筑，到新兴的机器人、创新药、北交所研 究，全面覆盖资本市场热点领域。 具体子行业包括：策略研究、宏观经济、金融工程及衍生品研究、固定收益研究、港股及海外市场研究、北交所、机器人、创新药、基础化工、 石油化工、能源开采、银行类、非银类、地产与建筑、食品饮料、农林牧渔、批发与零售、家电与家具、轻工与纺织服装、社会服务业、国防军 工、公共事业、环保、半导体与消费电子、计算机、电力设备与新能源、汽车、交通物流、通信、机械类、金属及金属材料、传媒互联网、非金 属建材。 特色奖项则旨在表彰在多个领域作出突出贡献的机构与个人，共设8大奖项，包括： 奖项1: 年度影响力券商研究所 奖项2: 年度影响力券商研究所所长 21世纪经济报道 记者 崔文静 实习生 张长荣 秋意渐浓，研究的热度却在持续升温。第五届21世纪金牌分析师评选正式拉开帷幕！这场由中国资本市场权威媒体《21世纪经济报道》发起的年 度盛事，将继续恪守专业、公正、透明的原则，为广大投资者甄选出最具实力与 ...

由Wind举办的2025年第十三届Wind"金牌分析师"评选活动正式启动！ Wind于2019年签署了《证券分析师评选活动组织机构自律公约》, 自觉遵守中国证监会、中国证券业协会的有关要求，守法合规开展评选活动。自2013年 以来，"Wind金牌分析师"已成功举办十二届，评选活动影响力不断扩大，评选结果的公信力也得到了金融机构的高度认可，已成为业内的品牌性分析师 评选活动。 "Wind金牌分析师" 秉持用数据说话，本着 公平、公开、公正 的原则， 以 全量化考评 的方式，评选出中国优秀证券分析师及研究机构，促进证券研究行 业水平的提升。 // Wind金牌分析师评选特色 // // 评选时间线 // 4 ）分析师在报名后至评选结果发布前因违法违规受到证监会行政处罚、立案调查或被证券业协会采取书面采取自律惩戒措施，将取消分析 师及所在团队的本年参评资格； 5 ）分析师在评选结果公布后至 2025 年结束前受到前述处罚的，将取消分析师及其所在团队的获得奖项。 // 规则说明 // 本次评选将采用 客观指标 为评选依据，将证券分析师研究报告作为评选的必要条件，同时结合各个 证券分析师在Wind平台的影响力 ，最后形 ...

投票时间安排： 专题：2025（第七届）金麒麟证券分析师评选投票 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！ 今日，第七届新浪财经金麒麟最佳证券分析师评选投票通道正式开启！ 金麒麟最佳证券分析师评选由新浪财经主办，旨在通过客观、公正的评价体系，遴选出真正具备专业水 准与市场影响力的证券分析师，推动证券研究行业高质量发展，为投资者决策提供专业支持。历经六届 沉淀，已成为国内资本市场的重要风向标。 金麒麟评选始终坚持"公平、公正、公开"原则，聚焦于发掘为投资实践带来实质价值的研究力量。本届 评选在延续以往严谨架构的基础上，进一步优化评审机制，力求更全面、精准地评估分析师的综合能力 与研究深度，为市场提供更有价值的参考依据。 活动启动以来，共吸引近50家证券公司、约700个研究团队积极参与。依据评选规则，具备投票资格的 机构名单将陆续通过定向渠道通知。欢迎广大机构投资者踊跃参与，投选出您心目中具备前瞻视野与深 刻洞察的"金麒麟"分析师团队。 本次评选特邀立信会计师事务所（特殊普通合伙）作为智力支持单位，对投票流程、数据统计、结果核 算等环节进行全面审计，确保整个过程严谨透明。最终评选结 ...

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！ 4．投票方在线投票并打印投票结果，经过投票机构投票代表人签字或盖章后，邮寄或扫描发送电子邮 件（finance_biz@sina.com）至主办方处。 5．投票方应遵循职业道德，严禁任何滥用投票权的行为，包括但不限于，以票要挟，要求参评候选方 进行与证券研究工作无关的拜票行为等。投票方应自觉抵制各种不正当参评、投票行为，并勇于向本次 活动理事会、评委会、主办方新浪财经等举报。 6．如有参评方、投票方出现违反本公约的行为，视情节严重性，经本次活动常务理事讨论，取消本年 度乃至永久性参评、投票资格。 1．为了保证本次证券分析师评选活动规范、专业、公平、客观，倡导行业坚守研究本源，传播行业正 能量，维护证券分析师、资管行业从业人员的职业声誉和社会公共利益，促进证券研究行业健康发展， 根据《证券法》、《证券期货经营机构及工作人员廉洁从业规定》、《证券分析师参加外部评选规范》 等有关规定，制定本公约。 2．本次评选活动，投票方包含公募基金、证券私募、券商资管、券商自营、保险等其他类别机构。由 机构分管投研业务线副总裁、投资总监或担任相同职能责任的 ...

活动指定邮箱inquire@stcn.com 与此同时，本年度将首次创新推出"证券分析师工作成果展示"平台，供市场更加全面了解券商研究综合 实力，该平台将于投票启动前重磅呈现。 由证券时报社主办、新财富杂志社承办的2025证券时报最佳分析师活动正式开启！活动旨在贯彻落实以 人民为中心的根本宗旨，携手行业各方聚焦服务社会民生、实体经济、国家战略，着力做好"五篇大文 章"，共同为推动中国式现代化建设作贡献。 2025证券时报最佳分析师，券商申报及机构投票资格申请工作已开始。请根据提示至相关系统提交申请 材料。 （原标题：官宣！2025证券时报最佳分析师活动正式开启） 1 关于投票资格申请工作 ????申请截止日 2025年9月24日17:00 ????投票资格申请方式 请使用PC端登录，点击链接https://apply.xcfmgz.com/ssrtp 1、公募类机构 账号信息将陆续发送至机构联系人，若未收到，请联系指定邮箱。 2、其他类机构 请贵司指定联系人以机构为单位统一申请。申请截止日后，将进入资格审核阶段，获得投票资格的机构 名单，将于投票开启前公示。 2 关于证券公司研究所/机构销售部申报工作 相关通 ...

Key Points - The report highlights a focus on the macroeconomic environment, noting that the August CPI growth rate was lower than expected, while the PPI growth rate met expectations, indicating structural changes in consumer prices and the impact of policies on supply-demand dynamics [2][5][6] - The report discusses the recent trends in the A-share merger and acquisition market, indicating a decrease in overall activity but with a diverse range of participants and sectors involved [8] - The Shanghai real estate market is analyzed, revealing a high proportion of older properties, with 82% of existing residential communities being over 20 years old, which poses challenges for the market [9][10][11] Macroeconomic Analysis - August CPI remained flat month-on-month but decreased by 0.4% year-on-year, with core CPI increasing by 0.9% year-on-year, indicating a structural divergence in consumer prices [5][6] - The report notes that food prices have a significant downward impact on CPI, while non-food prices have shown a consistent increase, contributing to the overall CPI growth [6][7] Mergers and Acquisitions - The report states that there were 68 disclosed M&A events during the period, with a total transaction value of 519 billion RMB, reflecting a decline in both the number and value of major M&A activities [8] - Key sectors for M&A activity included real estate management, machinery, and semiconductor products, indicating a trend towards horizontal integration and strategic cooperation among private and local state-owned enterprises [8] Real Estate Market Insights - The report identifies that as of May 2025, Shanghai had 27,500 existing residential communities, with 64% of the 9.62 million existing homes being over 20 years old, highlighting the aging housing stock [9][10] - The analysis of the Shanghai housing market indicates a cyclical evolution, with significant price fluctuations and regulatory impacts over the past three decades, leading to a current phase of stabilization and structural differentiation [10][11] Future Development Plans - The report outlines the "CAZ" (Central Activity Zone) and "One River, One River" initiatives as key future development directions for Shanghai, aiming to enhance urban functionality and livability [12][13] - The CAZ is projected to cover 75 square kilometers, contributing 25% of the city's GDP, while the "One River" initiative focuses on ecological and cultural improvements along the Huangpu and Suzhou Rivers [12][13] Sales and Pricing Trends - New home sales in Shanghai showed a positive year-on-year growth of 5% in the first five months of 2025, reversing a downward trend from previous years, while second-hand home sales also experienced significant growth [14][15] - The report notes that the average price of new homes reached 92,119 RMB per square meter, while second-hand home prices faced downward pressure, indicating a divergence in market performance [17][19] Inventory and Supply Dynamics - The report highlights that the overall inventory in Shanghai has increased, with a total of 39.06 million square meters of new and second-hand home inventory, but the average de-stocking period remains healthy at 14.9 months [21][22] - New home inventory pressure is concentrated in the outer ring areas, while second-hand home inventory pressure is more pronounced in the inner ring, reflecting differing supply-demand dynamics [22][23]

Group 1 - Recent capital rotation into A-shares and significant rise in Hong Kong interbank rates have impacted investor sentiment, but the fundamentals of the Hong Kong stock market remain strong [1] - The target for the Hong Kong stock index is maintained at 28,000 points by mid-next year, with a positive outlook on gaming and video stocks [1] - Anticipated volatility in the market due to the upcoming expiration of the US-China tariff grace period, but the impact on Hong Kong stocks is expected to be limited unless there is a significant drop in US or global markets [1] Group 2 - The inflow of capital from the north has exceeded 1 trillion yuan, but the pace of southbound capital inflow is expected to slow down, while foreign capital continues to increase holdings in Chinese stocks [1] - Investment recommendations include allocating to high-dividend stocks for better resilience and income buffer, alongside growth stocks [1] - Criteria for growth stocks include low correlation with economic cycles, stable competitive landscape, and overseas growth potential, with a cautious stance on e-commerce due to its sensitivity to economic cycles and intense competition [1] Group 3 - Regarding the anti-involution concept stocks, any positive news may lead to short-term rebounds, but the upward potential is limited due to challenges in controlling production capacity and prices, as well as weak demand recovery [2]

Group 1 - The report constructs a style index timing framework based on four dimensions: index valuation, technical indicators, fund flow/crowding, and liquidity, testing the effectiveness of signal models in style index timing [2][7]. - Single indicator timing is built and tested, with valuation signals indicating bullish conditions when the index valuation is extremely low and in an upward trend, while bearish signals occur when the valuation is extremely high and in a downward trend [13][18]. - Technical indicators are less stable, primarily capturing potential trend markets, with low win rates but high odds, performing better in trending markets than in volatile ones [29][32]. Group 2 - Multi-dimensional indicator timing combinations are employed, where bullish signals arise when two or more dimensions indicate a positive outlook, while a mandatory cash position is taken for 10 trading days after fund outflows and crowding signals [2][7]. - The report highlights that from May 10, 2013, to August 15, 2025, multi-dimensional timing for the CSI 300, National Growth, and National Value indices achieved annualized excess returns of 7.09%, 8.57%, and 5.04%, respectively [2][7]. - The report emphasizes that valuation reflects long-term investment philosophy, aligning better with large-cap and growth style timing, while technical and marginal fund flow indicators capture short-term speculative behavior, more suited for small-cap style timing [67]. Group 3 - Fund flow/crowding indicators are characterized by four factors: price deviation weighted by trading volume, the proportion of trading volume during price increases, leading stocks' trading volume, and turnover rate of circulating market value, which collectively depict the degree of crowding in trading funds [38][44]. - The report states that when crowding drops below 85%, it may signal the end of an upward trend, with initial high points allowing funds to continue pushing index returns without rapid pullbacks [44][48]. - Liquidity indicators assess the marginal impact of unit trading volume on price, with signals for liquidity improvement confirming bullish conditions and liquidity deterioration warning of bearish conditions [56][55].

Group 1 - The "Golden Unicorn" Best Analyst Selection organized by Sina Finance has successfully held six sessions, gaining significant support from the industry and recognition for its fairness [1] - The selection covers nearly 30 research fields, including macroeconomics, strategy, financial engineering, fixed income research, and industry research [1] - The event aims to enhance its authority and influence in the securities industry by continuously improving the evaluation methods and recognizing the contributions of award-winning analysts and research institutions [1] Group 2 - Sina Finance has signed the "Self-Regulatory Convention for External Evaluation Organizations of Securities Analysts" with the China Securities Association, promoting a healthy development of the securities research industry [2] - The evaluation process is supervised by an independent committee formed by Lixin Accounting Firm and Beijing Zhongyin Law Firm to ensure fairness and objectivity [3] Group 3 - The selection is open to analysts from securities research institutions providing comprehensive research services to institutional investors in mainland China, excluding fund research analysts [6] - Analysts must possess a securities investment consulting qualification by September 1, 2024, to be eligible for the 2025 selection [7] Group 4 - The evaluation includes objective indicators, requiring analysts to have covered their respective fields and submitted relevant research reports during the evaluation period [11] - The evaluation period is set from September 1, 2024, to September 1, 2025 [15] Group 5 - Various awards will be given, including the "Best Analyst," "Elite Analyst," and "Future Star" awards, based on scores from institutional investors [33][34][36] - The awards will recognize the top analysts and research institutions based on their performance and contributions to the industry [37][39]

Group 1 - The 2025 Jin Qilin Best Securities Analyst Selection event has officially launched, with online registration now open for participants through their respective institutions [1][3] - The event aims to reveal investment opportunities and risks in the Chinese capital market by evaluating research institutions and analysts, with voting participation from major public funds and top private fund companies [3][4] - The selection process will continue to emphasize fairness, transparency, and impartiality, with independent third-party oversight from accounting and legal firms to ensure the integrity of the evaluation [4] Group 2 - The event has successfully held six editions, gaining significant support from the industry and recognition for its fairness over the years [3] - The evaluation covers nearly 30 research fields, including macroeconomics, strategy, financial engineering, fixed income research, and industry research [3] - The awards will recognize outstanding analysts and research institutions, highlighting their contributions to the growth of the Chinese capital market and the promotion of rational investment practices [3]