金融监管总局在1月15日召开的2026年监管工作会议上，统筹安排了5项今年的重点任务。其中，中小金 融机构风险化解仍居各项任务首位。对于其他重点领域的风险防控，会议指出，要推动城市房地产融资 协调机制常态化运行，依法合规支持融资平台债务风险化解。 会议首先强调，要有力有序有效推进中小金融机构风险化解。着力处置存量风险，坚决遏制增量风险， 牢牢守住不"爆雷"底线。金融监管总局自成立以来，已连续三年在年度工作部署中将中小金融机构改革 化险置于各项工作首位。其中，2024年工作会议强调，要全力推进中小金融机构改革化险，把握好时度 效，有计划、分步骤开展工作；2025年则强调，要加快推进中小金融机构改革化险，坚持上下统筹、分 工包案、凝聚合力，全力处置高风险机构，促进治理重塑、管理重构、业务重组。 "守牢底线，积极稳妥化解重点领域风险"是中央经济工作会议部署今年各项经济工作时强调的"八个坚 持"之一。对于房地产和地方政府债务方面的风险，本次监管工作会议强调，要推动城市房地产融资协 调机制常态化运行，助力构建房地产发展新模式；依法合规支持融资平台债务风险化解。 会议要求，今年要全面加强和完善金融监管，聚焦实质风险、解决 ...

1月15日，人力资源社会保障部、财政部印发《关于进一步做好企业年金工作的意见》（以下简称《意 见》），通过扩大覆盖范围、简化建立程序、优化缴费机制等举措，增强企业年金制度的包容性与灵活 性，让更多职工共享补充养老保障红利。 企业年金制度自2004年建立以来，政策不断完善，覆盖范围不断扩大，参加人数逐步增加，基金实力持 续增强。截至2025年三季度，全国建立企业年金的用人单位为17.5万户，参加职工3332.05万人，积累基 金4.09万亿元，补充养老功能初步显现。 但是，发展中也存在用人单位和职工参与度不高、受益面偏窄，难以有效发挥长期补充养老保险作用的 问题，此次《意见》的出台正是对此类问题的针对性回应。 《意见》扩大企业年金的覆盖范围，将覆盖对象从各类企业延伸至社会团体、基金会、民办非企业单位 以及其他符合条件的用人单位及其职工，打破了"只有企业才能建"的认知边界。在民主程序上，用人单 位已建立职工代表大会制度的，企业年金方案提交职工代表大会讨论通过；未建立职工代表大会制度 的，方案可经全体职工讨论、公示等其他民主程序通过。 缴费标准方面，《意见》规定用人单位缴纳企业年金每年不超过本单位职工工资总额的8% ...

Core Insights - The real estate industry is rapidly exploring new development models, with top 100 real estate companies showing strong enthusiasm for the construction agency market, leading to further industry growth and a new competitive landscape [1] - The focus has shifted from a "scale race" to a "value revolution," with companies engaging in differentiated competition, emphasizing quality over price [1] Group 1: Market Trends - In 2025, the new scale of construction agency reversed the slowdown seen in 2024, with the top 20 companies signing contracts for 22,007 million square meters, a year-on-year increase of 16%, and a growth rate improvement of 6 percentage points compared to 2024 [2] - The competitive structure of the construction agency market has fundamentally changed, showing an "olive-shaped" competition structure typical of a mature industry with high concentration [2] - Over 100 companies have entered the construction agency business, primarily from the top real estate sales companies, indicating a highly competitive environment [3] Group 2: Competitive Dynamics - Despite high market concentration among leading companies, the competitive landscape is still evolving, with ongoing reshuffling among top-tier and mid-tier companies [3] - The construction agency sector is characterized by light assets, high profit margins, and resistance to economic cycles, making it attractive for real estate companies amid significant market pressures [3] Group 3: Pricing and Value Competition - The management fee rates for construction agency projects have decreased from an early average of 3% to a range of 1%-3%, with 81.7% of projects falling within this range [4] - Industry leaders are advocating for a shift from price competition to value competition, emphasizing the importance of value creation over low pricing [4][5] - Many companies are consciously maintaining price floors and focusing on quality service rather than engaging in price wars [5] Group 4: Differentiated Competition Strategies - Companies are actively enhancing their capabilities and creating value through various means, including focusing on "good housing," urban renewal, and revitalizing existing assets [6] - Successful examples include projects that integrate comprehensive management and cost control, such as the Chengdu Xijingtai project, which achieved over 90% sales in a previously stalled development [7] - The industry is recognizing the need for higher service standards and a healthier evaluation system to guide companies towards enhancing their professional capabilities [5][6] Group 5: Future Outlook - The construction agency market still holds potential for residential and affordable housing, as well as opportunities in urban renewal and village renovations [8] - Future strategies suggest that leading companies should focus on improving service capabilities and management efficiency, while smaller firms should deepen their expertise in niche areas to build competitive advantages [8]

Core Viewpoint - Songguo Travel, a shared electric bike company, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first publicly listed company in the shared electric bike sector in Hong Kong. The company has carved out a niche in the overlooked county market, but faces significant challenges in policy, competition, compliance, and growth as it seeks to expand into higher-tier cities [1][2][8]. Group 1: Market Position and Strategy - Songguo Travel has successfully penetrated the county market, holding an 18.7% market share in this segment, but its overall market share remains low at 6.6%, ranking fourth in the industry [1][2]. - The company plans to shift its focus to higher-tier cities starting in 2024, where it will face intense competition from established players like Hello, Meituan, and Didi Qingju [2][3]. - Despite increasing the number of bikes deployed, the company has experienced a decline in total order volume, indicating challenges in its strategic transition to higher-tier cities [3][4]. Group 2: Regulatory Environment and Compliance Issues - The shared electric bike sector is subject to stringent regulatory scrutiny, with national guidelines discouraging the development of internet-based electric bike rentals. Many cities have outright bans or strict limitations on operations [4][5]. - Songguo Travel operates in a "grey area" in many of the 422 cities where it has deployed bikes, lacking formal agreements with local governments in several locations [4][5]. - Reports of non-compliance, such as unregistered bikes and unauthorized deployments, have raised concerns about the company's operational legitimacy [4][6]. Group 3: Financial Performance and Growth Challenges - The company has shown minimal revenue growth, with total revenues of 9.53 billion yuan in 2023 and 9.63 billion yuan in 2024, while the number of daily orders has decreased from approximately 1.1 million to about 1.01 million [7]. - Despite a slight profit in the first three quarters of 2025, the company acknowledges that maintaining profitability in the short term may be challenging [7]. - The company's valuation has decreased significantly from 1.382 billion USD in 2021 to 996 million USD in 2025, reflecting investor concerns about growth prospects [7][8]. Group 4: Competitive Landscape and Market Perception - Analysts note that while Songguo Travel has unique value in localized operations, it lacks the ecosystem synergy that larger competitors possess, which can leverage shared services to enhance user engagement [8]. - The upcoming IPO is seen as a critical step for the company to secure capital and address competitive pressures, but it faces numerous challenges from regulatory hurdles and market saturation [8].

Core Insights - The company is leveraging the booming digital economy during the "14th Five-Year Plan" period, focusing on technological innovation as a core engine for growth [2][3] - The company has achieved significant market leadership in various sectors, including being the top global supplier of thin clients and ranking first in the Asia-Pacific and Chinese markets [2] - The company is actively involved in ICT infrastructure development and AI applications, participating in major projects and launching diverse products across multiple sectors [2][3] Business Performance - The company maintains a leading position in the global thin client market and ranks among the top three in China's data center and enterprise-grade switch markets [2] - The company has held the number one market share in the 200G/400G data center switch segment for 15 consecutive quarters [2] - The company is a core player in the network supply chain for intelligent computing centers, collaborating with major enterprises on large-scale projects [2] Research and Development - The company invests over 13% of its annual sales revenue into R&D, with an expected investment of 2.668 billion yuan in 2024, accounting for 15.92% of that year's revenue [3] - The company has launched several leading products, including high-density box switches for AIGC scenarios and the TH6800G/1.6T switch, and has developed a complete closed-loop emotional assessment model in AI applications [3] - By the end of 2025, the company aims to have filed over 5,400 patents, including more than 4,300 invention patents, and has received 30 provincial science and technology advancement awards [3] Future Outlook - The company plans to deepen its R&D innovation model and accelerate the deployment of cutting-edge technologies, focusing on solutions for large-scale intelligent computing centers and promoting the large-scale deployment of all-optical parks [3] - The company aims to create comprehensive AI solutions tailored to key industries and enhance collaboration with top domestic and international firms, universities, and research institutions [3]

Core Viewpoint - The brokerage asset management industry is undergoing significant changes due to the transformation of public collective investment products and obstacles in obtaining public fund licenses, prompting firms to accelerate their transformation and seek new growth areas [1] Group 1: Strategic Focus Areas - "Fixed Income +" and multi-asset allocation are identified as the two main strategic focuses for brokerage asset management firms in 2026, responding to investor demand for stable returns in a low-interest-rate environment [2][3] - Firms are planning to enhance their offerings in niche areas such as Fund of Funds (FOF), equity, quantitative strategies, cross-border investments, and retirement products to build differentiated competitive advantages [2][3] Group 2: Product Development - Companies are focusing on developing a product lineup that includes passive investment tools like index-enhanced products and ETFs, which can improve asset allocation efficiency and reduce costs for clients [4][5] - The development of passive investment products is seen as a sign of market maturity, with firms like First Venture Asset Management emphasizing a differentiated approach due to their lack of public fund qualifications [4][5] Group 3: Alternative Assets - In the current low-interest-rate environment, alternative assets such as REITs, commodities, and derivatives are becoming crucial for brokerage asset management firms to expand revenue sources and optimize business structures [6][7] - Companies are integrating alternative assets into their research frameworks, focusing on strategies that enhance returns and reduce correlation with traditional assets, with some firms already participating in public REITs investments [6][7]

中信证券研究团队认为，本次会议主要落脚点在于优化结构性工具，考虑到当前的金融市场环境，央行 以结构性工具"降息"和对总量工具的积极表态，兼顾了稳定市场预期和避免推升金融泡沫的目标。 为继续实施适度宽松的货币政策，中国人民银行在2026年开年便先行打出结构性货币政策工具的"组合 拳"。1月15日，央行在国新办新闻发布会上宣布，自1月19日起，下调各类结构性货币政策工具利率 0.25个百分点，完善结构性工具并加大支持力度。 除聚焦一系列结构性工具外，央行对降准降息等总量工具的进一步宽松同样释放积极信号。央行新闻发 言人、副行长邹澜在会上表示，今年降准降息还有一定的空间。下一步，央行将综合考虑基础货币投放 需要、债券市场供求情况、收益率曲线形态变化等因素，灵活开展国债买卖操作，与其他流动性工具一 起，保持流动性充裕，为政府债顺利发行创造适宜的货币金融环境。引导隔夜利率在政策利率水平附近 运行。 发布会上，央行、国家外汇局有关负责人还就财政货币政策加强协同配合、人民币汇率、2025年社融信 贷结构特点等问题作出回应。 八项措施支持"十五五"开好局 为加大逆周期和跨周期调节力度，有效支持"十五五"开好局、起好步，发布会 ...

野村东方国际证券成立于2019年，是2018年4月中国证监会公布《外商投资证券公司管理办法》后，首 批获准设立的外资控股证券公司之一。公司股东包括野村控股株式会社(持股比例51%)、东方国际集团 (持股比例24.9%)、上海黄浦投资控股集团(持股比例24.1%)。 野村东方国际证券现阶段主要聚焦于财富管理业务，同时开展机构、资产管理、自营以及研究业务，未 来将会逐步在中国扩大业务领域。2024年，野村东方国际证券实现了营业收入1.39亿元，同比增长 18.64%，亏损1.29亿元。 此前，王旭阳曾先后任职于君安证券、加拿大道明银行基金管理公司、加拿大帝国商业银行、荷兰银 行、中金公司（601995）、高盛工银理财等机构。 此外，野村东方国际证券近日更新了高管名单，关塚正之将出任公司总经理助理。另外，励雅敏分管经 纪业务(机构业务)与研究咨询业务，董腊发分管资产管理业务，严靖华继续分管经纪业务(财富管理)。 蒋湘滨担任合规负责人、李源担任首席风险官兼任首席财务官，李洋担任首席信息官。 证券时报记者获悉，野村东方国际证券日前已正式任命王旭阳为公司总经理，全面负责公司的战略规划 和业务经营等工作。原总经理北村充隆出 ...

Core Viewpoint - The emergence of China's first gold ETF with a market capitalization exceeding 100 billion yuan coincides with international gold prices surpassing $4600 per ounce, indicating strong investor interest in gold as a safe-haven asset amid economic uncertainties [1][2]. Group 1: Gold ETF Market Development - The Huashan Gold ETF has reached a circulation scale of 100.76 billion yuan, making it the largest gold ETF in Asia [1][2]. - The total market scale of 14 gold ETFs in China has reached 263.44 billion yuan, with significant inflows into other ETFs such as Bosera Gold ETF and E Fund Gold ETF [2]. - The development of gold ETFs in China began in 2009, with the first product, Huashan Gold ETF, launched in July 2013 [2]. Group 2: Adjustments in ETF Operations - Several fund companies are adjusting their physical subscription and redemption mechanisms to enhance liquidity and risk management due to the surge in gold prices [3][4]. - E Fund announced a temporary suspension of subscriptions for its gold ETF starting January 16, with a reduction in the minimum subscription unit from 300,000 to 100,000 shares [3][4]. - The adjustment to unify the physical gold contract for subscriptions to Au99.99 is aimed at improving liquidity and ensuring fair pricing for all investors [4]. Group 3: Future Outlook on Gold Prices - Multiple public funds remain optimistic about the continued rise in gold prices, citing factors such as the ongoing Federal Reserve rate cut cycle and increasing global uncertainties [5][6]. - The trend of de-dollarization and geopolitical tensions are expected to drive demand for gold as a safe-haven asset, with predictions of gold becoming a new pricing anchor [6]. - Investment strategies are recommended to focus on medium-term allocations rather than short-term speculation due to increased volatility in the gold market [6].

Core Insights - The company, StarNet Ruijie, is seizing opportunities in the digital economy during the "14th Five-Year Plan" period, focusing on technological innovation as a core engine for growth [1][2] - StarNet Ruijie has achieved significant market leadership, maintaining the top position in the global thin client market and ranking first in both the Asia-Pacific and Chinese markets [1] - The company is actively involved in ICT infrastructure development and AI applications, participating in major projects and launching various innovative products across multiple sectors [1][2] Business Performance - StarNet Ruijie has a strong presence in the data center switch and enterprise switch markets, ranking among the top three in China, with a continuous 15-quarter lead in the 200G/400G switch market [1] - The company is a key player in the network supply chain for large-scale intelligent computing centers, collaborating with leading enterprises [1] Research and Development - The company invests over 13% of its annual sales revenue into R&D, with a projected R&D expenditure of 2.668 billion yuan in 2024, accounting for 15.92% of its revenue [2] - StarNet Ruijie has launched several leading products, including the AIGC high-density box switch and the TH6800G/1.6T switch, and has filed over 5,400 patents, with more than 4,300 being invention patents [2] Future Strategy - Looking ahead to the "15th Five-Year Plan," StarNet Ruijie aims to deepen its R&D innovation model, accelerate the deployment of cutting-edge technologies, and focus on creating comprehensive AI solutions for key industries [2] - The company plans to enhance collaboration with top domestic and international firms, universities, and research institutions to build an open industrial ecosystem and drive technological self-reliance [2]