Core Insights - The public REITs market in China has accelerated its issuance process over the past two years, providing stronger support for revitalizing existing assets and promoting high-quality development of the real economy [1][2] Group 1: Market Development - As of December 2025, there are 78 publicly listed REITs with a total issuance scale of 210.657 billion yuan and a total market value of 214.883 billion yuan, indicating a continuous increase in both the number and scale of market issuances [2] - The China Securities REITs total return index increased by 4.34% in 2025, showing a trend of rising first and then falling, followed by a significant rebound at year-end [2] - The public REITs market is expected to maintain rapid development and high attention in 2025, driven by favorable regulatory policies, continuous supply of quality assets, strong demand for stable dividend assets in a low-interest-rate environment, and improved operational stability of underlying assets [2] Group 2: Company Strategy - Guotai Junan Asset Management has established a dual-driven development pattern of "initial issuance + expansion" in the public REITs market, significantly enhancing market vitality [2][4] - The company views public REITs as a strategic business to provide financial services to the real economy and has formed a dedicated committee to coordinate resources for promoting public REITs [4] - The company has a leading advantage in the public REITs business, having secured multiple national firsts, and aims to create more value for investors through systematic promotion and refined operational management [4] Group 3: Asset Focus - Guotai Junan Asset Management focuses on various asset classes closely related to the real economy and people's livelihood, including commercial real estate, affordable rental housing, renewable energy, and municipal sectors, which possess stable cash flows and anti-cyclical properties [5] - The company is also continuously reserving cyclical assets such as industrial parks and logistics warehouses to provide diversified investment options for investors [5] Group 4: Future Plans - The future development plan of Guotai Junan Asset Management in the public REITs business will focus on four core areas: deepening regional presence, serving people's livelihood, empowering the real economy, and enhancing capabilities [6][7] - The company aims to strengthen its asset type expansion and regional layout, particularly in key areas like the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, while also exploring new infrastructure and long-term rental apartments [6] - The company plans to provide one-stop services for enterprises with asset revitalization needs, including investment banking, asset management, and operational services [7]

Core Viewpoint - Haitong Securities has had its membership terminated by three major exchanges in China, marking the end of its status as an independent entity following its merger with Guotai Junan Securities [2][4][7]. Group 1: Membership Termination - On January 19, the Shenzhen Stock Exchange announced the termination of Haitong Securities' membership in accordance with its regulations [2]. - On December 30, the Beijing Stock Exchange also announced the termination of Haitong Securities' membership, following approval from its board [4]. - The Shanghai Stock Exchange similarly announced the termination of Haitong Securities' membership, which was approved by its council [7]. Group 2: Merger Details - The merger between Haitong Securities and Guotai Junan Securities is the first major brokerage merger since the implementation of the new "National Nine Articles" policy, completed in a rapid timeframe [10]. - The merger process included completing all corporate governance procedures in 100 days, administrative approvals in 137 days, and the entire restructuring in 191 days [10]. - Guotai Haitong Securities has successfully integrated over 100 IT systems and migrated data for over 20 million former Haitong clients to its new trading system [10]. Group 3: Company Status and Financials - Haitong Securities has changed its registration status from active to canceled, with a registered capital of approximately 13.06 billion RMB [8]. - As of the end of Q3 2025, Guotai Haitong's total assets reached 2.01 trillion RMB, with a revenue of 45.892 billion RMB, reflecting a year-on-year increase of 101.6% [11]. - The net profit attributable to shareholders for the first three quarters of 2025 was 22.074 billion RMB, showing a year-on-year growth of 131.8% [11].

Core Viewpoint - The Trump administration's implementation of hegemonic policies has led to further deterioration of international geopolitical situations, which is favorable for gold performance. Tactical overweighting of A/H shares, US stocks, and gold is recommended, while underweighting US bonds and oil is advised [1]. Group 1: Asset Performance and Allocation Insights - Multiple factors support the performance of Chinese equities, suggesting an overweight in A/H shares. The upcoming economic work conference and the start of the 14th Five-Year Plan in 2026 are expected to lead to further expansion of the broad deficit and more proactive economic policies. The Fed's expected rate cut in December and the stable appreciation of the RMB provide favorable conditions for monetary easing in early 2026 [2][8]. - The uncertainty surrounding the new Fed chairperson has increased market speculation regarding US monetary policy, suggesting an underweight in US bonds. The cooling labor market, declining energy prices, and slow wage growth are conducive to a decrease in endogenous inflation stickiness, allowing for more flexibility in Fed policy adjustments. The resilience of the US economy may lead to a cautious direction in Fed policy guidance, with US bond yields expected to decline moderately [2][8]. - In the context of geopolitical upheaval, gold exhibits strong resilience and safe-haven attributes, recommending an overweight in gold. The rising uncertainty in global geopolitical situations and continued central bank purchases of gold support a long-term price floor for gold. Despite speculative inflows temporarily increasing gold volatility, the price remains resilient amid the Trump administration's hegemonic policies and the erosion of US international credibility [2][8]. Group 2: Recent Important Events Review - The uncertainty regarding the Fed chair candidates has risen again, with Trump indicating that Kevin Hassett may remain in his position. This could impact market expectations for monetary policy [6][7]. - Trump's imposition of tariffs on eight European countries and the push for the purchase of Greenland has escalated geopolitical tensions, significantly undermining US international credibility and reflecting hegemonic behavior [6][7]. Group 3: Tactical Asset Allocation Recommendations - The recommendation to overweight A/H shares is based on multiple supportive factors for Chinese equities, including anticipated proactive economic policies and favorable monetary conditions [9]. - An underweight in US bonds is advised due to the increasing uncertainty surrounding the new Fed chairperson and the relatively low risk-return ratio compared to risk assets [9]. - Gold is recommended for overweighting due to its strong resilience and safe-haven characteristics amid rising geopolitical uncertainties [9].

Core Viewpoint - Datong Technology is expected to achieve a net profit attributable to shareholders of 900 to 930 million yuan by 2025, driven by its full embrace of AI technology, which is accelerating performance growth [1] Group 1: Financial Projections - The projected net profit for Datong Technology in 2025 is between 900 million and 930 million yuan [1] - The company is maintaining a price-to-earnings (PE) ratio of 30 times for 2026, with a target price adjusted to 53.12 yuan [1] Group 2: Business Strategy and Performance - Datong Technology is fully embracing AI, which is driving rapid growth in its performance [1] - The application of AIAgent is empowering various application scenarios and facilitating project delivery [1] Group 3: Market Position - The company primarily focuses on overseas business, resulting in a gross margin that is significantly higher than that of domestic competitors [1]

2026年1月初，随着最后一批客户账户平稳纳入统一交易体系，国泰海通合并后的的内部客户切换工 作，终于迎来了圆满收官。自2025年早春启动筹备，国泰海通这场涉及2107万客户的全业务内切工作， 覆盖普通交易、两融、期权、场外OTC等全品类业务，由国泰海通IT团队主导推进，联动运维、数据、 客户端等多个技术条线，牵动着总部超20个部门、31家分公司、303家分支机构的每一个工作岗位。这 是国内券商行业整合中规模最大、业务覆盖最全面、技术难度最高、推进效率最快的一次客户体系重 构，攻克了多项技术难题，创下多个行业第一。 ...

Core Viewpoint - The report from Kaiyuan Securities expresses optimism about the brokerage sector, highlighting the sustained growth of brokerage performance and the pressure on the funding side, indicating a significant lag in the brokerage sector [1] Group 1: Regulatory Developments - On January 16, the China Securities Regulatory Commission (CSRC) solicited opinions on the draft of the "Supervision and Management Measures for Derivative Transactions (Trial) (Draft for Comments)" [2] - The policy aims to strengthen the standardized management of the derivatives market, clarifying the CSRC's regulatory scope and emphasizing enhanced monitoring and cross-market regulation [3] - The policy supports the steady development of the derivatives market, encouraging risk management activities and limiting excessive speculation [3] Group 2: Impact on Brokerage Firms - The enhanced transparency in derivatives regulation is expected to benefit the long-term development of brokerage firms' derivatives business, providing a more stable operational framework for brokers and investors [4] - The derivatives business is highly concentrated, with top-tier brokers holding significant advantages; as of November 2023, the market share of the top five firms in swap and OTC options was 66% and 59%, respectively [4] - Top-tier brokers, such as CITIC Securities and Guotai Junan, can directly engage in stock hedging transactions, while secondary brokers are limited in their trading capabilities [4] Group 3: Market Stability and Investment Recommendations - Derivative tools are seen as beneficial for stabilizing market fluctuations, with the potential for relaxed scale restrictions favoring leading brokers [5] - The CSRC's commitment to a robust monitoring system for derivatives trading is expected to facilitate high-quality development in the derivatives business, contributing to market stability [5] - Investment recommendations include top brokers with strong international business and undervalued stocks, such as Huatai Securities and Guotai Junan, as well as firms with significant wealth management advantages like GF Securities [5]

Report Industry Investment Rating - No information provided regarding the report industry investment rating. Core Viewpoints - Nickel prices are experiencing wide - range fluctuations due to inconsistent statements from Indonesia, while stainless steel prices are influenced by contradictions in the mining end, with ferronickel price increases supporting the price center [1]. Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of the Shanghai Nickel main contract is 141,350, down 5,400 compared to T - 1; the closing price of the stainless - steel main contract is 14,275, down 140 compared to T - 1. The trading volume of the Shanghai Nickel main contract is 1,325,220, down 412,913 compared to T - 1; the trading volume of the stainless - steel main contract is 500,299, down 172,285 compared to T - 1 [1]. - **Industrial Chain Data**: The price of 1 imported nickel is 146,550, up 50 compared to T - 1; the price of 8 - 12% high - nickel pig iron (ex - factory price) is 1,018, up 5 compared to T - 1. The price of 304/2B coil - rough edge (Wuxi) Hongwang/Beibuwan is 14,400, up 50 compared to T - 1 [1]. Macro and Industry News - The Indonesian government has suspended issuing new smelting licenses through the OSS platform, targeting projects producing "restricted products" such as Nickel matte, MHP, FeNi, and NPI [1]. - China's Ministry of Commerce and General Administration of Customs have decided to implement export license management for some steel products starting from January 1, 2026 [2]. - Indonesia's ESDM will revise the benchmark price formula for nickel ore commodities in early 2026, considering cobalt as an independent commodity for royalty collection [2]. - Indonesia plans to cut its 2026 nickel ore production target from 379 million tons to 250 million tons [4]. - Some Indonesian mining companies are facing potential fines of about 80.2 trillion Indonesian rupiah for illegal occupation of forest land, and are negotiating with the government [4]. - Indonesian officials stated that nickel production in 2026 will be adjusted according to industry demand and smelter production capacity, with the output likely to be around 250 - 260 million tons [4]. Trend Intensity - The trend intensity of nickel is 0, and that of stainless steel is also 0, both indicating a neutral trend [5].

Core Viewpoint - The report from Guotai Junan Securities' fixed income team indicates that while the Chinese bond market has shown some recovery, the 30-year bonds are expected to remain under pressure in the first half of the first quarter [1] Group 1: Market Conditions - The 30-year government bonds face directional operations due to rising interest rates, with strategies such as credit bond/ local bond duration reduction and neutral strategies being employed [1] - The expectation for a narrow downward space in bond yields is difficult to change, alongside a relatively strong stock market [1] Group 2: Issuance and Liquidity - There is an increase in the issuance of ultra-long bonds, which constrains the demand for 30-year government bonds [1] - The characteristics of high elasticity and high liquidity of 30-year government bonds are unlikely to change [1] Group 3: Yield Spread - The yield spread between 30-year and 10-year government bonds, as well as the central tendency of the yield spread between 10-year policy bank bonds and government bonds, may continue to remain elevated [1] - The yield spread between ultra-long local bonds and government bonds is expected to stay at relatively low levels [1]

Group 1 - The market is expected to experience a shift from a one-sided trend driven by narratives and capital to a more performance-focused environment as annual report forecasts approach [2][4] - The adjustment of financing margin ratios is seen as a signal to guide rational investment and maintain market stability, with a focus on sectors like traditional manufacturing and resource pricing [2][5] - The recent regulatory measures aim to prevent excessive speculation and market manipulation, leading to a more rational return of market sentiment [3][4] Group 2 - The focus is shifting towards sectors with strong demand support and industrial catalysts, particularly in low-position technology areas such as domestic computing power and new energy [3][4] - The upcoming earnings disclosures are expected to heighten the competitive sentiment around performance, with attention on sectors that may exceed expectations [4][9] - The market is likely to transition into a consolidation phase after reaching previous highs, with a recommendation for investors to adopt a stable allocation strategy [5][7] Group 3 - The "spring market" is facing short-term pressures due to various factors, including complex overseas macro environments and domestic regulatory intentions [6][8] - Despite recent market weaknesses, there is potential for continued upward movement in the AI application sector, driven by strong fundamentals [6][11] - The overall market valuation remains reasonable, supported by macro policies and a gradual recovery in corporate earnings [9][10]

Core Insights - The report highlights that new regulations in derivatives are expected to release positive signals for the non-bank financial sector, with a focus on companies likely to announce performance increases [1][5]. Group 1: Market Performance - As of January 16, 2026, the Shanghai Composite Index closed at 4101.91, down 0.45%, while the Shenzhen Component Index rose by 1.14% to 14281.08 [10]. - The average daily trading volume in the Shanghai and Shenzhen markets reached 3.47 trillion yuan, an increase of 21.50% month-on-month [5]. Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to continue high growth, with improvements in long-term interest rate spreads anticipated [12][16]. - As of January 12, 2026, the total scale of private equity securities investment funds by insurance capital reached 184.5 billion yuan, with 11 funds established [16]. - The report suggests focusing on companies such as China Ping An, China Life, and New China Life for potential investment opportunities [16]. Securities Sector - The China Securities Regulatory Commission (CSRC) emphasized stability and quality improvement in its 2026 work meeting, aiming to prevent market volatility and enhance internal stability [17][18]. - The CSRC's new derivatives regulations aim to standardize the market, encourage risk management, and improve the income structure of brokerage firms [25][26]. - The report indicates that the derivatives market is expected to grow significantly, with the scale of over-the-counter derivatives increasing from 0.32 trillion yuan in 2015 to 2.38 trillion yuan in 2023, reflecting a compound annual growth rate of 29% [26]. Group 3: Key Company Valuations and Financial Analysis - China Ping An (601318.SH) has a current price of 66.33 yuan, with a target value of 85.17 yuan, indicating a buy rating [6]. - New China Life (601336.SH) is rated as a buy with a current price of 82.09 yuan and a target value of 94.21 yuan [6]. - China Life (601628.SH) is also rated as a buy, with a current price of 47.52 yuan and a target value of 55.47 yuan [6].