Core Insights - Tencent Holdings (00700), Southern Hang Seng Technology (03033), and Xiaomi Group-W (01810) ranked as the top three in net inflow of southbound funds, with net inflows of 1.792 billion, 0.571 billion, and 0.412 billion respectively [1] - The top three in net outflow of southbound funds were Yingfu Fund (02800), Hang Seng China Enterprises (02828), and Kuaishou-W (01024), with net outflows of -4.553 billion, -1.380 billion, and -0.576 billion respectively [1] - In terms of net inflow ratio, Huaxia Hang Seng Technology (03088), Southern East Selection (03441), and Anhui Wantuo Expressway (00995) led the market with ratios of 90.53%, 74.02%, and 68.27% respectively [1] - The top three in net outflow ratio were Southern Hong Kong Stock Connect (03432), Fuyao Glass (06865), and Baize Medical (02609) with ratios of -100.00%, -59.27%, and -53.09% respectively [1] Net Inflow Rankings - Tencent Holdings (00700) had a net inflow of 1.792 billion, representing a 12.21% increase, closing at 560.000 (+2.28%) [2] - Southern Hang Seng Technology (03033) saw a net inflow of 0.571 billion, with a 6.77% increase, closing at 5.300 (+1.34%) [2] - Xiaomi Group-W (01810) recorded a net inflow of 0.412 billion, with a 9.45% increase, closing at 35.200 (+0.06%) [2] Net Outflow Rankings - Yingfu Fund (02800) experienced the highest net outflow of -4.553 billion, with a -22.13% decrease, closing at 27.220 (+1.72%) [2] - Hang Seng China Enterprises (02828) had a net outflow of -1.380 billion, representing an -11.37% decrease, closing at 93.940 (+1.56%) [2] - Kuaishou-W (01024) faced a net outflow of -0.576 billion, with a -10.25% decrease, closing at 69.300 (-2.74%) [2] Net Inflow Ratio Rankings - Huaxia Hang Seng Technology (03088) led with a net inflow ratio of 90.53%, with a net inflow of 47.6883 million, closing at 6.875 (+1.33%) [3] - Southern East Selection (03441) followed with a net inflow ratio of 74.02%, with a net inflow of 18.0421 million, closing at 11.600 (+1.13%) [3] - Anhui Wantuo Expressway (00995) had a net inflow ratio of 68.27%, with a net inflow of 5.6553 million, closing at 13.340 (-0.07%) [3]

Group 1 - The company *ST Taihe (605081.SH) received a regulatory work letter regarding its performance forecast on February 6 [1] - *ST Taihe was listed on the Shanghai Stock Exchange on February 9, 2021, with an issuance of 19.53 million shares at a price of 43.30 yuan per share [1] - The highest intraday price on the first trading day was 62.35 yuan, but the stock is currently in a state of decline [1] Group 2 - The total amount raised from the initial public offering (IPO) was 845.649 million yuan, with a net amount of 778.1094 million yuan [1] - The funds raised are intended for operational capital for engineering construction, headquarters operation center, and information technology projects [1] - The total issuance costs for the IPO amounted to 67.5396 million yuan, including underwriting and sponsorship fees of 52.3725 million yuan [2] Group 3 - On May 26, 2022, the company announced a cash dividend of 1 yuan per share and a capital reserve increase of 0.45 shares per share, resulting in a total distribution of 78.1014 million yuan in cash and an increase of 35.1456 million shares [2] - The total share capital after the distribution increased to 113.247072 million shares [2] - The stock name changed from "Taihe Water" to "*ST Taihe" on April 29, 2025 [3]

Group 1 - Southbound funds increased their holdings in Zhongzhou Securities (01375.HK) by 1.604 million shares on February 10 [1] - Over the past five trading days, southbound funds have increased their holdings for four days, with a total net increase of 4.673 million shares [1] - In the last 20 trading days, there have been 12 days of net increases in holdings by southbound funds, totaling 9.577 million shares [1] - Currently, southbound funds hold 707.8 million shares of Zhongzhou Securities, accounting for 59.25% of the company's issued ordinary shares [1] Group 2 - Zhongyuan Securities Co., Ltd. is a Chinese company engaged in securities brokerage business, operating eight divisions [2] - The securities brokerage division handles client transactions for stocks, funds, and bonds [2] - The proprietary business division focuses on equity and fixed income investments [2] - The investment banking division includes equity underwriting and sponsorship, as well as bond product underwriting [2] - The credit business division provides margin financing, repurchase agreements, and stock pledge services [2] - The investment management division encompasses asset management, private fund management, and alternative investments [2] - The futures business division includes futures brokerage, trading consulting, and risk management services [2] - The company also operates overseas business and headquarters and other divisions [2]

Group 1 - The core viewpoint of the articles highlights the strong performance of A-share brokerage firms in their margin financing and securities lending (two-in-one) business, with a significant increase in new accounts and profitability forecasts for 2025 [1][2] - In January 2026, the number of new margin financing accounts reached 190,500, representing a month-on-month growth of 29.5% and a year-on-year increase of 157% [1] - Major brokerages like CITIC Securities and Guotai Junan are expected to maintain their market leadership, with CITIC Securities forecasting a net profit exceeding 30 billion yuan for 2025, while Guotai Haitong anticipates a net profit growth rate of over 100% [1] Group 2 - The brokerage sector's performance is driven by robust growth in brokerage and proprietary trading businesses, with smaller firms like Guolian Minsheng expected to see net profit growth exceeding 400% in 2025 [1] - The overall market activity is supported by policy measures aimed at counter-cyclical adjustments, leading to a historical high in margin financing balances, which is expected to boost brokerage performance [1][2] - The average daily trading volume and high margin financing balances are key factors contributing to the projected high net profit growth for listed brokerages, with many firms expecting profit increases exceeding 70% [2] Group 3 - Related Hong Kong-listed brokerage firms include Huatai Securities, GF Securities, China Galaxy, Guotai Haitong, CICC, CITIC Securities, and others [3]

Core Insights - The overall performance of the securities industry is recovering, prompting small and medium-sized brokerages to strategically position themselves for 2026 [1] - These brokerages are focusing on differentiated, specialized, and refined development paths to navigate the competitive landscape [2] Differentiation Strategy - Small and medium-sized brokerages are abandoning the "large and comprehensive" development model in favor of a "small but beautiful" approach, emphasizing differentiation and specialization [2] - In 2025, many brokerages reported significant growth, with Zhongyou Securities achieving a 22% revenue increase and a 50% profit increase, showcasing their strategic adaptability [2] Key Strategic Focus Areas - "Differentiation positioning" is a primary keyword in the strategic deployment of brokerages, with firms like Dongwu Securities focusing on three key areas: collaborative empowerment, research empowerment, and technological empowerment [3] - Zhejiang Securities aims to become a leading national comprehensive brokerage aligned with the economic status of Zhejiang, while Xinyi Securities emphasizes high-quality development and competitive advantages [3] Regional Development - Many brokerages are aligning their growth with national regional strategies and local economic development, emphasizing local market service [4] - Zhongyuan Securities aims for regional leadership, while Huayuan Securities focuses on deepening its presence in niche markets [4] Wealth Management and Investment Banking - The transformation towards wealth management is a core focus, with brokerages like Zhongyou Securities planning to enhance institutional demand and expand their service systems [5] - Investment banking efforts are directed towards premium and specialized services, with firms like Xinyi Securities targeting key clients and industries [5] Overall Development Path - The development path for small and medium-sized brokerages in 2026 is becoming clearer, moving away from scale competition to capability competition [6] - The focus is on specialized tracks and serving the real economy, with brokerages leveraging strategic determination and innovative vitality to find new opportunities [6]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中原证劵股份有限公司 (「本公司」) 呈交日期: 2026年2月5日 FF301 本公司乃2002年於中華人民共和國河南省成立的股份有限公司，中文公司名稱為「中原证券股份有限公司」，在香港以「中州证券」名義開展業務。因此，「法定/註冊股本」之概念不適用於本公 司。在上述第I部顯示「法定/註冊股本」的資料是指本公司的「已發行股本」。 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01375 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601375 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,447,519,700 | RMB | 1 | RMB | | 3,447,519,700 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 3,447,519,700 | RMB | 1 | RMB | | 3,447,519,700 | 本月底法定/註冊股本總額： RMB 4,642,884,700 備註： 致：香港交易及結算所有限公司 公司名稱: 中 ...

Group 1 - The core viewpoint of the articles highlights the strong performance expectations for listed securities firms in 2025, with major firms like CITIC Securities and Guotai Junan maintaining their market leadership [1][2] - As of January 30, 2025, 21 listed securities firms have disclosed their performance forecasts, with CITIC Securities expected to achieve a net profit exceeding 30 billion yuan and Guotai Haitong projecting a year-on-year net profit growth rate exceeding 100% [1] - Smaller securities firms are anticipated to show even greater profit elasticity, with Guolian Minsheng forecasting a year-on-year net profit growth rate exceeding 400% for 2025 [1] Group 2 - Brokerage and proprietary trading businesses are identified as the core drivers of performance growth for these listed securities firms in 2025 [2] - The A-share market is expected to remain active in 2025, with a high level of performance in the securities industry, suggesting investment opportunities in the sector [2] - Factors such as a stable growth policy, a conducive capital market environment, and the restoration of investor confidence are expected to drive the upward trend in the securities sector [2] Group 3 - The current valuation of the securities sector is at a historical low, presenting a defensive rebound opportunity [2] - It is recommended to focus on leading securities firms with strong overall capabilities and those with differentiated competitive advantages in wealth management, proprietary trading, and cross-border business [2] - Related concepts in the Hong Kong stock market include Huatai Securities, GF Securities, China Galaxy, Guotai Haitong, CICC, CITIC Securities, and others [3]

Core Viewpoint - The securities industry is undergoing a significant restructuring, with multiple firms announcing the closure of branch offices to optimize their operations and enhance online service capabilities [2][3][4]. Group 1: Branch Office Closures - On February 2, Changcheng Securities announced the closure of its Zhengzhou Longhai Road branch, following similar announcements from other firms like Zhongyou Securities and Xibu Securities [3]. - The trend of closing branch offices is not isolated; in 2025, some firms closed over 10 branches, indicating a broader strategy to optimize the national network of offices [3][4]. - The reasons for these closures are consistent across firms, focusing on "optimizing branch layouts" and "improving operational efficiency" [4]. Group 2: Online Business Development - Despite the reduction in physical branches, firms are not scaling back their service capabilities; instead, they are enhancing their online business structures [5]. - The establishment of internet securities subsidiaries, such as China Galaxy Securities' Beijing Internet Securities subsidiary, marks a shift towards digital transformation in the industry [5]. - These internet and digital subsidiaries are designed to support online customer service, trading, and digital operations, distinguishing them from traditional branch offices [5][6]. Group 3: Impact on Customer Services - The closure of branch offices is stated to have no adverse effects on customer transactions or asset security, with services continuing through mobile apps and online platforms [6]. - The integration of online and offline resources is expected to enhance overall competitiveness in the securities industry, allowing firms to allocate resources more effectively [6].

进入2026年，证券行业分支机构调整持续推进。2月2日，长城证券发布公告称，拟撤销其郑州陇海路证券营业部。此前，中邮证券、西部证券等多家券商亦 在年初阶段密集披露撤销营业部相关公告，线下网点优化仍在持续。从更长时间维度看，营业部数量下降并非阶段性现象。与此同时，部分券商也正通过设 立互联网证券分公司等方式，完善线上服务体系。在业内人士看来，通过提升线上线下资源整合效率，集中力量与资源做大做强，有利于提升券商整体竞争 力。 持续优化线上业务布局 在营业部数量下降的同时，券商并未收缩服务能力。与线下网点"做减法"同步推进的，是对线上业务分支机构体系的持续完善。2025年11月，中国银河证券 北京互联网证券分公司正式成立，成为北京证券行业首家互联网分公司。此外，中原证券、东吴证券等多家券商亦通过公告或公开发声，持续强化互联网证 券分公司、数智分公司等新型分支机构建设。 从功能定位看，相关互联网及数智分支机构已被明确为券商数字化转型的重要载体。中国银河证券在北京互联网证券分公司揭牌时表示，未来该分公司将 以"创新型业务分公司"为定位，进一步整合公司线上线下金融服务资源，探索证券业务智能化、集约化、可持续化的运营发展路 ...